Clearcover, A More Strategic Car Insurance Startup, Lands Big Lightbank Investment

Clearcover, a Chicago-based company that says it can save customers up to 50 percent on car insurance by streamlining the way it’s marketed and sold, announced Tuesday that it has landed initial funding of $11.5 million.

Lightbank, the Chicago-based investment firm co-founded by Eric Lefkofsky ⇒ and Brad Keywell ⇒, led the financing. New York-based Greycroft Partners, 500 Startups and Silicon Valley Bank, both based in California, participated.

Vic Pascucci III, managing partner at Lightbank, said the firm’s undisclosed investment was among the biggest ever in its more than seven years of doing business. Lightbank typically looks to invest between $500,000 and $5 million, Pascucci said.

“We can’t say specifics,” he said. “But I will say that this was one of the largest Series A checks we have ever historically written.”